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Beyond Meat Continues Surge After Q1 Earnings Beat

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Beyond Meat Continues Surge After Q1 Earnings Beat

Beyond Meat Inc (NASDAQ: BYND) shares are trading higher after reporting its first earnings report as a public company on Thursday.

The company known for its plant-based meat substitutes reported first-quarter earnings adjusted earnings of $(0.14), beating estimates by a penny. Sales came in at $40.206 million, beating estimates by $206,000.

Beyond Meat sees full-year net sales of $210 million, compared to a $207 million consensus estimate. The company also guided for adjusted EBITDA at breakeven for the full year.

See Also: Beyond Meat Option Buyer Makes Big Bet Ahead Of Earnings

“We are very pleased with our successful IPO during the month of May and our strong first quarter financial results that we believe demonstrate mainstream consumers’ desire for plant-based meat products in the United States and internationally,” said Ethan Brown, Beyond Meat’s President and CEO.

“Our team continued to scale our business in both retail and foodservice as we benefited from broad-based growth in the first quarter. Looking ahead, we believe we are in the early stages of achieving the growth that Beyond Meat is capable of as we remain focused on efforts to increase brand awareness, expand our distribution channels, launch additional innovative products, and invest in our infrastructure and capacity to be able to serve a robust global market for plant-based meats.”

Beyond Meat shares are up 24 percent at $123.44 in the after-hours session after closing at $99.50. The stock is up more than 50 percent since its May 2 IPO.

Photo courtesy of Beyond Meat.

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